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Filing 2011 Tax Returns Free

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Filing 2011 Tax Returns Free

Filing 2011 tax returns free 19. Filing 2011 tax returns free   Education- Related Adjustments Table of Contents Introduction Useful Items - You may want to see: Student Loan Interest DeductionStudent Loan Interest Defined Can You Claim the Deduction How Much Can You Deduct How Do You Figure the Deduction Tuition and Fees DeductionCan You Claim the Deduction What Expenses Qualify Who Is an Eligible Student Who Can Claim a Dependent's Expenses How Much Can You Deduct Educator Expenses Introduction This chapter discusses the education-related adjustment you can deduct in figuring your adjusted gross income. Filing 2011 tax returns free This chapter covers the student loan interest deduction, tuition and fees deduction, and the deduction for educator expenses. Filing 2011 tax returns free Useful Items - You may want to see: Publication 970 Tax Benefits for Education Student Loan Interest Deduction Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. Filing 2011 tax returns free However, if your modified adjusted gross income (MAGI) is less than $75,000 ($155,000 if filing a joint return) there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. Filing 2011 tax returns free For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. Filing 2011 tax returns free This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. Filing 2011 tax returns free Table 19-1 summarizes the features of the student loan interest deduction. Filing 2011 tax returns free Table 19-1. Filing 2011 tax returns free Student Loan Interest Deduction at a Glance Do not rely on this table alone. Filing 2011 tax returns free Refer to the text for more details. Filing 2011 tax returns free Feature Description Maximum benefit You can reduce your income subject to tax by up to $2,500. Filing 2011 tax returns free Loan qualifications Your student loan: •  must have been taken out solely to pay qualified education expenses, and   • cannot be from a related person or made under a qualified employer plan. Filing 2011 tax returns free Student qualifications The student must be: • you, your spouse, or your dependent, and   • enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential at an eligible educational institution. Filing 2011 tax returns free Time limit on deduction You can deduct interest paid during the remaining period of your student loan. Filing 2011 tax returns free Phaseout The amount of your deduction depends on your income level. Filing 2011 tax returns free Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. Filing 2011 tax returns free It includes both required and voluntary interest payments. Filing 2011 tax returns free Qualified Student Loan This is a loan you took out solely to pay qualified education expenses (defined later) that were: For you, your spouse, or a person who was your dependent (defined in chapter 3) when you took out the loan, Paid or incurred within a reasonable period of time before or after you took out the loan, and For education provided during an academic period when the student is an eligible student. Filing 2011 tax returns free Loans from the following sources are not qualified student loans. Filing 2011 tax returns free A related person. Filing 2011 tax returns free A qualified employer plan. Filing 2011 tax returns free Exceptions. Filing 2011 tax returns free   For purposes of the student loan interest deduction, the following are exceptions to the general rules for dependents. Filing 2011 tax returns free An individual can be your dependent even if you are the dependent of another taxpayer. Filing 2011 tax returns free An individual can be your dependent even if the individual files a joint return with a spouse. Filing 2011 tax returns free An individual can be your dependent even if the individual had gross income for the year that was equal to or more than the exemption amount for the year ($3,900 for 2013). Filing 2011 tax returns free    Reasonable period of time. Filing 2011 tax returns free   Qualified education expenses are treated as paid or incurred within a reasonable period of time before or after you take out the loan if they are paid with the proceeds of student loans that are part of a federal postsecondary education loan program. Filing 2011 tax returns free   Even if not paid with the proceeds of that type of loan, the expenses are treated as paid or incurred within a reasonable period of time if both of the following requirements are met. Filing 2011 tax returns free The expenses relate to a specific academic period. Filing 2011 tax returns free The loan proceeds are disbursed within a period that begins 90 days before the start of that academic period and ends 90 days after the end of that academic period. Filing 2011 tax returns free   If neither of the above situations applies, the reasonable period of time is determined based on all the relevant facts and circumstances. Filing 2011 tax returns free Academic period. Filing 2011 tax returns free   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. Filing 2011 tax returns free In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. Filing 2011 tax returns free Eligible student. Filing 2011 tax returns free   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. Filing 2011 tax returns free Enrolled at least half-time. Filing 2011 tax returns free   A student was enrolled at least half-time if the student was taking at least half the normal full-time work load for his or her course of study. Filing 2011 tax returns free   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. Filing 2011 tax returns free However, the standard may not be lower than any of those established by the U. Filing 2011 tax returns free S. Filing 2011 tax returns free Department of Education under the Higher Education Act of 1965. Filing 2011 tax returns free Related person. Filing 2011 tax returns free   You cannot deduct interest on a loan you get from a related person. Filing 2011 tax returns free Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. Filing 2011 tax returns free ), Your lineal descendants (children, grandchildren, etc. Filing 2011 tax returns free ), and Certain corporations, partnerships, trusts, and exempt organizations. Filing 2011 tax returns free Qualified employer plan. Filing 2011 tax returns free   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. Filing 2011 tax returns free Qualified Education Expenses For purposes of the student loan interest deduction, these expenses are the total costs of attending an eligible educational institution, including graduate school. Filing 2011 tax returns free They include amounts paid for the following items. Filing 2011 tax returns free Tuition and fees. Filing 2011 tax returns free Room and board. Filing 2011 tax returns free Books, supplies, and equipment. Filing 2011 tax returns free Other necessary expenses (such as transportation). Filing 2011 tax returns free The cost of room and board qualifies only to the extent that it is not more than: The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student, or If greater, the actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Filing 2011 tax returns free Eligible educational institution. Filing 2011 tax returns free   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Filing 2011 tax returns free S. Filing 2011 tax returns free Department of Education. Filing 2011 tax returns free It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Filing 2011 tax returns free   Certain educational institutions located outside the United States also participate in the U. Filing 2011 tax returns free S. Filing 2011 tax returns free Department of Education's Federal Student Aid (FSA) programs. Filing 2011 tax returns free   For purposes of the student loan interest deduction, an eligible educational institution also includes an institution conducting an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training. Filing 2011 tax returns free   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. Filing 2011 tax returns free The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. Filing 2011 tax returns free    The educational institution should be able to tell you if it is an eligible educational institution. Filing 2011 tax returns free Adjustments to qualified education expenses. Filing 2011 tax returns free   You must reduce your qualified education expenses by certain tax-free items (such as the tax-free part of scholarships and fellowships). Filing 2011 tax returns free See chapter 4 of Publication 970 for details. Filing 2011 tax returns free Include as Interest In addition to simple interest on the loan, certain loan origination fees, capitalized interest, interest on revolving lines of credit, and interest on refinanced student loans can be student loan interest if all other requirements are met. Filing 2011 tax returns free Loan origination fee. Filing 2011 tax returns free   In general, this is a one-time fee charged by the lender when a loan is made. Filing 2011 tax returns free To be deductible as interest, the fee must be for the use of money rather than for property or services (such as commitment fees or processing costs) provided by the lender. Filing 2011 tax returns free A loan origination fee treated as interest accrues over the life of the loan. Filing 2011 tax returns free Capitalized interest. Filing 2011 tax returns free    This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. Filing 2011 tax returns free Interest on revolving lines of credit. Filing 2011 tax returns free   This interest, which includes interest on credit card debt, is student loan interest if the borrower uses the line of credit (credit card) only to pay qualified education expenses. Filing 2011 tax returns free See Qualified Education Expenses , earlier. Filing 2011 tax returns free Interest on refinanced student loans. Filing 2011 tax returns free   This includes interest on both: Consolidated loans—loans used to refinance more than one student loan of the same borrower, and Collapsed loans—two or more loans of the same borrower that are treated by both the lender and the borrower as one loan. Filing 2011 tax returns free If you refinance a qualified student loan for more than your original loan and you use the additional amount for any purpose other than qualified education expenses, you cannot deduct any interest paid on the refinanced loan. Filing 2011 tax returns free Voluntary interest payments. Filing 2011 tax returns free   These are payments made on a qualified student loan during a period when interest payments are not required, such as when the borrower has been granted a deferment or the loan has not yet entered repayment status. Filing 2011 tax returns free Do Not Include as Interest You cannot claim a student loan interest deduction for any of the following items. Filing 2011 tax returns free Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. Filing 2011 tax returns free Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. Filing 2011 tax returns free Interest you paid on a loan to the extent payments were made through your participation in the National Health Service Corps Loan Repayment Program (the “NHSC Loan Repayment Program”) or certain other loan repayment assistance programs. Filing 2011 tax returns free For more information, see Student Loan Repayment Assistance in chapter 5 of Publication 970. Filing 2011 tax returns free Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. Filing 2011 tax returns free Your filing status is any filing status except married filing separately. Filing 2011 tax returns free No one else is claiming an exemption for you on his or her tax return. Filing 2011 tax returns free You are legally obligated to pay interest on a qualified student loan. Filing 2011 tax returns free You paid interest on a qualified student loan. Filing 2011 tax returns free Interest paid by others. Filing 2011 tax returns free   If you are the person legally obligated to make interest payments and someone else makes a payment of interest on your behalf, you are treated as receiving the payments from the other person and, in turn, paying the interest. Filing 2011 tax returns free See chapter 4 of Publication 970 for more information. Filing 2011 tax returns free No Double Benefit Allowed You cannot deduct as interest on a student loan any amount that is an allowable deduction under any other provision of the tax law (for example, home mortgage interest). Filing 2011 tax returns free How Much Can You Deduct Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. Filing 2011 tax returns free However, the amount determined above is phased out (gradually reduced) if your MAGI is between $60,000 and $75,000 ($125,000 and $155,000 if you file a joint return). Filing 2011 tax returns free You cannot take a student loan interest deduction if your MAGI is $75,000 or more ($155,000 or more if you file a joint return). Filing 2011 tax returns free For details on figuring your MAGI, see chapter 4 of Publication 970. Filing 2011 tax returns free How Do You Figure the Deduction Generally, you figure the deduction using the Student Loan Interest Deduction Worksheet in the Form 1040 or Form 1040A instructions. Filing 2011 tax returns free However, if you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from sources within Puerto Rico, you must complete Worksheet 4-1 in chapter 4 of Publication 970. Filing 2011 tax returns free To help you figure your student loan interest deduction, you should receive Form 1098-E, Student Loan Interest Statement. Filing 2011 tax returns free Generally, an institution (such as a bank or governmental agency) that received interest payments of $600 or more during 2013 on one or more qualified student loans must send Form 1098-E (or acceptable substitute) to each borrower by January 31, 2014. Filing 2011 tax returns free For qualified student loans taken out before September 1, 2004, the institution is required to include on Form 1098-E only payments of stated interest. Filing 2011 tax returns free Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. Filing 2011 tax returns free However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. Filing 2011 tax returns free For information on allocating payments between interest and principal, see chapter 4 of Publication 970. Filing 2011 tax returns free To claim the deduction, enter the allowable amount on Form 1040, line 33, or Form 1040A, line 18. Filing 2011 tax returns free Tuition and Fees Deduction You may be able to deduct qualified education expenses paid during the year for yourself, your spouse, or your dependent(s). Filing 2011 tax returns free You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return. Filing 2011 tax returns free The qualified expenses must be for higher education, as explained later under What Expenses Qualify . Filing 2011 tax returns free The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000. Filing 2011 tax returns free Table 19-2 summarizes the features of the tuition and fees deduction. Filing 2011 tax returns free You may be able to take a credit for your education expenses instead of a deduction. Filing 2011 tax returns free You can choose the one that will give you the lower tax. Filing 2011 tax returns free See chapter 35, Education Credits, for details about the credits. Filing 2011 tax returns free Can You Claim the Deduction The following rules will help you determine if you can claim the tuition and fees deduction. Filing 2011 tax returns free Who Can Claim the Deduction Generally, you can claim the tuition and fees deduction if all three of the following requirements are met. Filing 2011 tax returns free You paid qualified education expenses of higher education in 2013 for academic periods beginning in 2013 and those beginning in the first three months of 2014. Filing 2011 tax returns free You paid the education expenses for an eligible student. Filing 2011 tax returns free The eligible student is yourself, your spouse, or your dependent for whom you claim an exemption (defined in chapter 3) on your tax return. Filing 2011 tax returns free Qualified education expenses are defined under What Expenses Qualify . Filing 2011 tax returns free Eligible students are defined later under Who Is an Eligible Student . Filing 2011 tax returns free Who Cannot Claim the Deduction You cannot claim the tuition and fees deduction if any of the following apply. Filing 2011 tax returns free Your filing status is married filing separately. Filing 2011 tax returns free Another person can claim an exemption for you as a dependent on his or her tax return. Filing 2011 tax returns free You cannot take the deduction even if the other person does not actually claim that exemption. Filing 2011 tax returns free Your modified adjusted gross income (MAGI) is more than $80,000 ($160,000 if filing a joint return). Filing 2011 tax returns free You (or your spouse) were a nonresident alien for any part of 2013 and the nonresident alien did not elect to be treated as a resident alien for tax purposes. Filing 2011 tax returns free More information on nonresident aliens can be found in Publication 519, U. Filing 2011 tax returns free S. Filing 2011 tax returns free Tax Guide for Aliens. Filing 2011 tax returns free You or anyone else claims an American opportunity or lifetime learning credit in 2013 with respect to expenses of the student for whom the qualified education expenses were paid. Filing 2011 tax returns free However, a state tax credit will not disqualify you from claiming a tuition and fees deduction. Filing 2011 tax returns free Table 19-2. Filing 2011 tax returns free Tuition and Fees Deduction at a Glance Do not rely on this table alone. Filing 2011 tax returns free Refer to the text for more details. Filing 2011 tax returns free Question   Answer What is the maximum benefit?   You can reduce your income subject to tax by up to $4,000. Filing 2011 tax returns free Where is the deduction taken?   As an adjustment to income on Form 1040, line 34, or Form 1040A, line 19. Filing 2011 tax returns free For whom must the expenses be paid?   A student enrolled in an eligible educational institution who is either: you, your spouse, or your dependent for whom you claim an exemption. Filing 2011 tax returns free What tuition and fees are deductible?   Tuition and fees required for enrollment or attendance at an eligible postsecondary educational institution, but not including personal, living, or family expenses, such as room and board. Filing 2011 tax returns free What Expenses Qualify The tuition and fees deduction is based on qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Filing 2011 tax returns free Generally, the deduction is allowed for qualified education expenses paid in 2013 in connection with enrollment at an institution of higher education during 2013 or for an academic period (defined earlier under Student Loan Interest Deduction ) beginning in 2013 or in the first 3 months of 2014. Filing 2011 tax returns free Payments with borrowed funds. Filing 2011 tax returns free   You can claim a tuition and fees deduction for qualified education expenses paid with the proceeds of a loan. Filing 2011 tax returns free Use the expenses to figure the deduction for the year in which the expenses are paid, not the year in which the loan is repaid. Filing 2011 tax returns free Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account. Filing 2011 tax returns free Student withdraws from class(es). Filing 2011 tax returns free   You can claim a tuition and fees deduction for qualified education expenses not refunded when a student withdraws. Filing 2011 tax returns free Qualified Education Expenses For purposes of the tuition and fees deduction, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Filing 2011 tax returns free Eligible educational institution. Filing 2011 tax returns free   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Filing 2011 tax returns free S. Filing 2011 tax returns free Department of Education. Filing 2011 tax returns free It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Filing 2011 tax returns free The educational institution should be able to tell you if it is an eligible educational institution. Filing 2011 tax returns free   Certain educational institutions located outside the United States also participate in the U. Filing 2011 tax returns free S. Filing 2011 tax returns free Department of Education's Federal Student Aid (FSA) programs. Filing 2011 tax returns free Academic period. Filing 2011 tax returns free    An academic period is any quarter, semester, trimester, or any other period of study as reasonably determined by an eligible educational institution. Filing 2011 tax returns free If an eligible educational institution uses credit hours and does not have academic terms, each payment period may be treated as an academic period. Filing 2011 tax returns free Related expenses. Filing 2011 tax returns free   Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses for the tuition and fees deduction only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. Filing 2011 tax returns free Prepaid expenses. Filing 2011 tax returns free   Qualified education expenses paid in 2013 for an academic period that begins in the first three months of 2014 can be used in figuring the tuition and fees deduction. Filing 2011 tax returns free See Academic period, earlier. Filing 2011 tax returns free For example, if you pay $2,000 in December 2013 for qualified tuition for the 2014 winter quarter that begins in January 2014, you can use that $2,000 in figuring the tuition and fees deduction for 2013 only if you meet all the other requirements. Filing 2011 tax returns free    You cannot use any amount you paid in 2012 or 2014 to figure the qualified education expenses you use to figure your 2013 tuition and fees deduction. Filing 2011 tax returns free No Double Benefit Allowed You cannot do any of the following. Filing 2011 tax returns free Deduct qualified education expenses you deduct under any other provision of the law, for example, as a business expense. Filing 2011 tax returns free Deduct qualified education expenses for a student on your income tax return if you or anyone else claims an American opportunity or lifetime learning credit for that same student in the same year. Filing 2011 tax returns free Deduct qualified education expenses that have been used to figure the tax-free portion of a distribution from a Coverdell education savings account (ESA) or a qualified tuition program (QTP). Filing 2011 tax returns free For a QTP, this applies only to the amount of tax-free earnings that were distributed, not to the recovery of contributions to the program. Filing 2011 tax returns free See Figuring the Taxable Portion of a Distribution in chapter 7 (Coverdell ESA) and chapter 8 (QTP) of Publication 970. Filing 2011 tax returns free Deduct qualified education expenses that have been paid with tax-free interest on U. Filing 2011 tax returns free S. Filing 2011 tax returns free savings bonds (Form 8815). Filing 2011 tax returns free See Figuring the Tax-Free Amount in chapter 10 of Publication 970. Filing 2011 tax returns free Deduct qualified education expenses that have been paid with tax-free educational assistance such as a scholarship, grant, or employer-provided educational assistance. Filing 2011 tax returns free See Adjustments to qualified education expenses, later. Filing 2011 tax returns free Adjustments to qualified education expenses. Filing 2011 tax returns free   For each student, reduce the qualified education expenses paid by or on behalf of that student under the following rules. Filing 2011 tax returns free The result is the amount of adjusted qualified education expenses for each student. Filing 2011 tax returns free Tax-free educational assistance. Filing 2011 tax returns free   For tax-free educational assistance you received in 2013, reduce the qualified educational expenses for each academic period by the amount of tax-free educational assistance to that academic period. Filing 2011 tax returns free See Academic period, earlier. Filing 2011 tax returns free   This includes: The tax-free part of scholarships and fellowships, including Pell grants (see chapter 1 of Publication 970), The tax-free part of any employer-provided educational assistance (see chapter 11 of Publication 970), Veterans' educational assistance (see chapter 1 of Publication 970), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. Filing 2011 tax returns free Generally, any scholarship or fellowship you receive is treated as tax-free educational assistance. Filing 2011 tax returns free However, a scholarship or fellowship is not treated as tax-free educational assistance to the extent you include it in gross income (if you are required to file a tax return) for the year the scholarship or fellowship is received and either: The scholarship or fellowship (or any part of it) must be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. Filing 2011 tax returns free 970, chapter 1. Filing 2011 tax returns free The scholarship or fellowship (or any part of it) may be applied (by its terms) to expenses (such as room and board) other than qualified education expenses as defined in Qualified education expenses in Pub. Filing 2011 tax returns free 970, chapter 1. Filing 2011 tax returns free You may be able to increase the combined value of your tuition and fees deduction and certain educational assistance if you include some or all of the educational assistance in income in the year it is received. Filing 2011 tax returns free For details, see Adjustments to Qualified Education Expenses in chapter 6 of Pub. Filing 2011 tax returns free 970. Filing 2011 tax returns free Some tax-free educational assistance received in 2013 may be treated as a refund of qualified education expenses paid in 2013. Filing 2011 tax returns free This tax-free educational assistance is any tax-free educational assistance received by you or anyone else after 2013 for qualified education expenses paid on behalf of a student in 2013 (or attributable to enrollment at an eligible educational institution during 2013). Filing 2011 tax returns free If this tax-free educational assistance is received after 2013 but before you file your 2013 income tax return, see Refunds received after 2013 but before your income tax return is filed, later. Filing 2011 tax returns free If this tax-free educational assistance is received after 2013 and after you file your 2013 income tax return, see Refunds received after 2013 and after your income tax return is filed, later. Filing 2011 tax returns free Refunds. Filing 2011 tax returns free   A refund of qualified education expenses may reduce adjusted qualified education expenses for the tax year or may require you to include some or all of the refund in your gross income for the year the refund is received. Filing 2011 tax returns free See chapter 6 of Pub. Filing 2011 tax returns free 970 for more information. Filing 2011 tax returns free Some tax-free educational assistance received after 2013 may be treated as a refund. Filing 2011 tax returns free See Tax-free educational assistance, earlier. Filing 2011 tax returns free Refunds received in 2013. Filing 2011 tax returns free    For each student, figure the adjusted qualified education expenses for 2013 by adding all the qualified education expenses paid in 2013 and subtracting any refunds of those expenses received from the eligible educational institution during 2013. Filing 2011 tax returns free Refunds received after 2013 but before your income tax return is filed. Filing 2011 tax returns free   If you receive a refund after 2013 of qualified education expenses you paid in 2013 and the refund is received before you file your 2013 income tax return, reduce the amount of qualified education expenses for 2013 by the amount of the refund. Filing 2011 tax returns free Refunds received after 2013 and after your income tax return is filed. Filing 2011 tax returns free   If you receive a refund after 2013 of qualified education expenses you paid in 2013 and the refund is received after you file your 2013 income tax return, you may need to include some or all of the refund in your gross income for the year the refund is received. Filing 2011 tax returns free See chapter 6 of Pub. Filing 2011 tax returns free 970 for more information. Filing 2011 tax returns free Coordination with Coverdell education savings accounts and qualified tuition programs. Filing 2011 tax returns free    Reduce your qualified education expenses by any qualified education expenses used to figure the exclusion from gross income of (a) interest received under an education savings bond program, or (b) any distribution from a Coverdell education savings account or qualified tuition program (QTP). Filing 2011 tax returns free For a QTP, this applies only to the amount of tax-free earnings that were distributed, not to the recovery of contributions to the program. Filing 2011 tax returns free Amounts that do not reduce qualified education expenses. Filing 2011 tax returns free   Do not reduce qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance, or A withdrawal from the student's personal savings. Filing 2011 tax returns free   Do not reduce the qualified education expenses by any scholarship or fellowship reported as income on the student's tax return in the following situations. Filing 2011 tax returns free The use of the money is restricted, by the terms of the scholarship or fellowship, to costs of attendance (such as room and board) other than qualified education expenses. Filing 2011 tax returns free The use of the money is not restricted. Filing 2011 tax returns free Expenses That Do Not Qualify Qualified education expenses do not include amounts paid for: Insurance, Medical expenses (including student health fees), Room and board, Transportation, or Similar personal, living, or family expenses. Filing 2011 tax returns free This is true even if the amount must be paid to the institution as a condition of enrollment or attendance. Filing 2011 tax returns free Sports, games, hobbies, and noncredit courses. Filing 2011 tax returns free   Qualified education expenses generally do not include expenses that relate to any course of instruction or other education that involves sports, games or hobbies, or any noncredit course. Filing 2011 tax returns free However, if the course of instruction or other education is part of the student's degree program, these expenses can qualify. Filing 2011 tax returns free Comprehensive or bundled fees. Filing 2011 tax returns free   Some eligible educational institutions combine all of their fees for an academic period into one amount. Filing 2011 tax returns free If you do not receive, or do not have access to, an allocation showing how much you paid for qualified education expenses and how much you paid for personal expenses, such as those listed above, contact the institution. Filing 2011 tax returns free The institution is required to make this allocation and provide you with the amount you paid (or were billed) for qualified education expenses on Form 1098-T, Tuition Statement. Filing 2011 tax returns free See How Do You Figure the Deduction , later, for more information about Form 1098-T. Filing 2011 tax returns free Who Is an Eligible Student For purposes of the tuition and fees deduction, an eligible student is a student who is enrolled in one or more courses at an eligible educational institution (defined earlier). Filing 2011 tax returns free Who Can Claim a Dependent's Expenses Generally, in order to claim the tuition and fees deduction for qualified education expenses for a dependent, you must: Have paid the expenses, and Claim an exemption for the student as a dependent. Filing 2011 tax returns free Table 19-3 summarizes who can claim the deduction. Filing 2011 tax returns free How Much Can You Deduct The maximum tuition and fees deduction in 2013 is $4,000, $2,000, or $0, depending on the amount of your MAGI. Filing 2011 tax returns free For details on figuring your MAGI, see chapter 6 of Publication 970. Filing 2011 tax returns free How Do You Figure the Deduction Figure the deduction using Form 8917. Filing 2011 tax returns free To help you figure your tuition and fees deduction, you should receive Form 1098-T, Tuition Statement. Filing 2011 tax returns free Generally, an eligible educational institution (such as a college or university) must send Form 1098-T (or acceptable substitute) to each enrolled student by January 31, 2014. Filing 2011 tax returns free To claim the deduction, enter the allowable amount on Form 1040, line 34, or Form 1040A, line 19, and attach your completed Form 8917. Filing 2011 tax returns free Table 19-3. Filing 2011 tax returns free Who Can Claim a Dependent's Expenses Do not rely on this table alone. Filing 2011 tax returns free See Who Can Claim a Dependent's Expenses in chapter 6 of Publication 970. Filing 2011 tax returns free IF your dependent is an eligible student and you. Filing 2011 tax returns free . Filing 2011 tax returns free . Filing 2011 tax returns free AND. Filing 2011 tax returns free . Filing 2011 tax returns free . Filing 2011 tax returns free THEN. Filing 2011 tax returns free . Filing 2011 tax returns free . Filing 2011 tax returns free claim an exemption for your dependent you paid all qualified education expenses for your dependent only you can deduct the qualified education expenses that you paid. Filing 2011 tax returns free Your dependent cannot take a deduction. Filing 2011 tax returns free claim an exemption for your dependent your dependent paid all qualified education expenses no one is allowed to take a deduction. Filing 2011 tax returns free do not claim an exemption for your dependent you paid all qualified education expenses no one is allowed to take a deduction. Filing 2011 tax returns free do not claim an exemption for your dependent your dependent paid all qualified education expenses no one is allowed to take a deduction. Filing 2011 tax returns free Educator Expenses If you were an eligible educator in 2013, you can deduct on Form 1040, line 23, or Form 1040A, line 16, up to $250 of qualified expenses you paid in 2013. Filing 2011 tax returns free If you and your spouse are filing jointly and both of you were eligible educators, the maximum deduction is $500. Filing 2011 tax returns free However, neither spouse can deduct more than $250 of his or her qualified expenses on Form 1040, line 23, or Form 1040A, line 16. Filing 2011 tax returns free You may be able to deduct expenses that are more than the $250 (or $500) limit on Schedule A (Form 1040), line 21. Filing 2011 tax returns free Eligible educator. Filing 2011 tax returns free   An eligible educator is a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide who worked in a school for at least 900 hours during a school year. Filing 2011 tax returns free Qualified expenses. Filing 2011 tax returns free   Qualified expenses include ordinary and necessary expenses paid in connection with books, supplies, equipment (including computer equipment, software, and services), and other materials used in the classroom. Filing 2011 tax returns free An ordinary expense is one that is common and accepted in your educational field. Filing 2011 tax returns free A necessary expense is one that is helpful and appropriate for your profession as an educator. Filing 2011 tax returns free An expense does not have to be required to be considered necessary. Filing 2011 tax returns free   Qualified expenses do not include expenses for home schooling or for nonathletic supplies for courses in health or physical education. Filing 2011 tax returns free   You must reduce your qualified expenses by the following amounts. Filing 2011 tax returns free Excludable U. Filing 2011 tax returns free S. Filing 2011 tax returns free series EE and I savings bond interest from Form 8815. Filing 2011 tax returns free See Figuring the Tax-Free Amount in chapter 10 of Publication 970. Filing 2011 tax returns free Nontaxable qualified tuition program earnings or distributions. Filing 2011 tax returns free See Figuring the Taxable Portion of a Distribution in chapter 8 of Publication 970. Filing 2011 tax returns free Nontaxable distribution of earnings from a Coverdell education savings account. Filing 2011 tax returns free See Figuring the Taxable Portion of a Distribution in chapter 7 of Publication 970. Filing 2011 tax returns free Any reimbursements you received for these expenses that were not reported to you in box 1 of your Form W-2. Filing 2011 tax returns free Prev  Up  Next   Home   More Online Publications
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Enrolled Agent Information

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee. Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.

Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before. Learn more about enrolled agents in Treasury Department Circular 230 (PDF).

Page Last Reviewed or Updated: 31-Oct-2013

The Filing 2011 Tax Returns Free

Filing 2011 tax returns free 12. Filing 2011 tax returns free   Filing Form 720 Table of Contents Attachments to Form 720. Filing 2011 tax returns free Conditions to allowance. Filing 2011 tax returns free Use Form 720 to report and pay the excise taxes previously discussed in this publication. Filing 2011 tax returns free File Form 720 for each calendar quarter until you file a final Form 720. Filing 2011 tax returns free For information on filing Form 720 electronically, visit the IRS e-file website at www. Filing 2011 tax returns free irs. Filing 2011 tax returns free gov/efile. Filing 2011 tax returns free You may be required to file your returns on a monthly or semimonthly basis instead of quarterly if you do not make deposits as required (see Payment of Taxes, later) or are liable for the excise tax on taxable fuels and meet certain conditions. Filing 2011 tax returns free Form 720 has three parts and three schedules. Filing 2011 tax returns free Part I consists of excise taxes generally required to be deposited (see Payment of Taxes, later). Filing 2011 tax returns free Part II consists of excise taxes that are not required to be deposited. Filing 2011 tax returns free Part III is used to figure your tax liability for the quarter and the amount of any balance due or overpayment. Filing 2011 tax returns free Schedule A, Excise Tax Liability, is used to record your net tax liability for each semimonthly period in a quarter. Filing 2011 tax returns free Complete it if you have an entry in Part I. Filing 2011 tax returns free Schedule C, Claims, is used to make claims. Filing 2011 tax returns free However, Schedule C can only be used if you are reporting a liability in Part I or Part II. Filing 2011 tax returns free Schedule T, Two-Party Exchange Information Reporting, is used to report certain exchanges of taxable fuel before or in connection with the removal at the terminal rack. Filing 2011 tax returns free Attachments to Form 720. Filing 2011 tax returns free   You may have to attach the following forms. Filing 2011 tax returns free Form 6197 for the gas guzzler tax. Filing 2011 tax returns free Form 6627 for environmental taxes. Filing 2011 tax returns free Form 720X. Filing 2011 tax returns free   This form is used to make adjustments to Forms 720 filed in prior quarters. Filing 2011 tax returns free You can file Form 720X by itself or, if it shows a decrease in tax, you can attach it to Form 720. Filing 2011 tax returns free See Form 720X for more information. Filing 2011 tax returns free Conditions to allowance. Filing 2011 tax returns free   For tax decreases, the claimant must check the appropriate box on Form 720X stating that: For adjustments of communications or air transportation taxes, the claimant has: Repaid the tax to the person from whom it was collected, or Obtained the consent of that person to the allowance of the adjustment. Filing 2011 tax returns free For other adjustments, the claimant has: Not included the tax in the price of the article and not collected the tax from the purchaser, Repaid the tax to the ultimate purchaser, or Attached the written consent of the ultimate purchaser to the allowance of the adjustment. Filing 2011 tax returns free However, the conditions listed under (2) do not apply to environmental taxes, the ship passenger tax, obligations not in registered form, foreign insurance taxes, fuels used on inland waterways, cellulosic or second generation biofuel sold as but not used as fuel, biodiesel sold as fuel but not used as fuel, and certain fuel taxes if the tax was based on use (for example, dyed diesel fuel used in trains, LPG, and CNG). Filing 2011 tax returns free Final return. Filing 2011 tax returns free   File a final return if: You go out of business, or You will not owe excise taxes that are reportable on Form 720 in future quarters. Filing 2011 tax returns free Due dates. Filing 2011 tax returns free   Form 720 must be filed by the following due dates. Filing 2011 tax returns free Quarter Covered Due Dates January, February, March April 30 April, May, June July 31 July, August, September October 31 October, November, December January 31   If any due date falls on a Saturday, Sunday, or legal holiday, you can file the return on the next business day. Filing 2011 tax returns free One-time filing. Filing 2011 tax returns free   If you import a gas guzzling automobile, you may be eligible to make a one-time filing using your SSN if you: Do not import gas guzzling automobiles in the course of your trade or business, and Are not required to file Form 720 reporting other excise taxes for the calendar quarter, except for a one-time filing. Filing 2011 tax returns free   If you meet both requirements above, see Gas guzzler tax (IRS No. Filing 2011 tax returns free 40) in the Instructions for Form 720 for how to file and pay the tax. Filing 2011 tax returns free Payment voucher. Filing 2011 tax returns free   Form 720-V, Payment Voucher, must be included with Form 720 if you have a balance due on line 10 of Form 720 and you are making your payment by check or money order. Filing 2011 tax returns free Prev  Up  Next   Home   More Online Publications